Wholesale gas and electricity prices continued to drop on Wednesday, with further good news coming out of the Gulf.
We expect the situation to change shortly as the latest news is digested by the markets.
| Gas: Most contracts fell sharply in price yesterday as the market looked to readjust following significant gains last week. An unplanned outage at the Norwegian Troll field had minimal impact, whilst forecast wind output remains strong, pressuring the prompt. This morning, markets have opened down on last night’s close. Power: Power prices continued to fall yesterday. In the prompt, upward revisions to wind forecasts and above-seasonal temperatures weighed on contracts. Further out on the curve, prices fell, tracking NBP losses. Early morning movement is below last night’s settlement. Oil: Oil prices raced to multi month highs yesterday, with brent around $108/bbl, as supply disruptions continue to weigh on the market. Carbon (EUAs): The ICE Dec-26 closed at €84.74/t last night. The contract opened this morning at €84.73/t. Carbon (UKAs): The ICE Dec-26 traded to £59.65/t yesterday. Opening at the £59.50/t this morning. |
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